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OpenSea now supports Arbitrum Nova to offer low-cost NFTs
Leading NFT Marketplace, Open sea has announced its integration with Arbitrum Nova, an Ethereum Layer 2 scaling protocol. With this, OpenSea users will be able to buy and sell digital collectibles at a more affordable price. The marketplace first started supporting Arbitrum in September 2022. Arbitrum Nova is the latest addition to the Arbitrum ecosystem.
Here’s everything you need to know about OpenSea x Arbitrum Nova integration
About OpenSea x Arbitrum Nova integration
“We are delighted to now support Arbitrum Nova! Arbitrum’s chain dedicated to social and gaming!” tweeted OpenSea last week. “We are also strengthening Nova’s ecosystem by joining the Data Availability Committee (DAC) to provide access to on-chain data and help ensure data accuracy.”
Furthermore, OpenSea will group Arbitrum Nova NFT collections with others Arbitrum NFTs on its website. To find these NFTs all you need to do is use the “Arbitrum” chain filter in the OpenSea rankings and search pages. Here, the Arbitrum Nova NFTs will have the “Arbitrum Nova” designation on the collection and item pages.
OpenSea was first integrated with Arbitrum late last year. At the time, it tweeted: “This is a first step in building our goal of a web3 future where people have access to the NFTs they want on the chains they prefer.”
What is Arbitrum Nova?
Arbitrum Nova is a blockchain well suited for Web3 projects with high transaction volumes. This includes games that often develop new items or social applications that require a variety of chain interaction opportunities. For example, Nova will power the upcoming Reddit Community Points.
According to the website, the blockchain offers “ultra-low transaction costs with high security.” It adds, “Nova operates dApps with high transaction volumes that try to drive costs even lower.”
Arbitrum created Nova to offer data availability in a cost-effective way. In other words, it is a cheaper alternative to Ethereum for buying and selling digital collectibles. More specifically, Arbitrum Nova focuses on games and social applications.
What is the Arbitrum Ecosystem?
Arbitrum is a layer-two Etheruem blockchain that uses optimistic rollups as a scaling technology. This basically means that while transactions are carried out on Arbitrum, production is recorded on the L1 chain. Since transactions are not performed on Ethereum’s mainnet, it needs a smaller amount of data for storage and computational purposes.
Why is this important? As network activity on Ethereum slows down, Arbitrum can process up to 40,000 transactions per second. At the same time, the gas fees or transaction fees are much lower than Ethereum’s.
Offchain Labs, a New York-based development company, is behind Arbitrum. The team led by co-founders Ed Felten and Steven Goldfeder launched the Arbitrum Beta Mainnet in May 2021. Arbitrum One, which forms the ecosystem’s core network, primarily supports DeFi and NFT projects.
According to reports, the creators now hope to expand Arbitrum Nova for NFTs as well, hence the OpenSea partnership.
